Kakao chief apologizes for abusive market dominance, vows to create social value

[Photo by Han Joo-hyung]

Brian Kim, founder and chairman of South Korea’s internet giant Kakao Corp., bowed to apologize for the company’s abusive market dominance that increasingly threatens the livelihood of small, self-employed mom-and-pop stores and merchants during a National Assembly hearing on Tuesday, where he also vowed to fulfill the big tech company’s social responsibility and address any suspicious issues regarding K Cube Holdings, which is suspected as Kakao’s holding company. Kim directly owns a 14.1 percent stake in the internet giant and exercises control over the firm also through a 11.2 percent stake held by K Cube Holdings.

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